"The acquisition of Ruby Macons extends MWV's leadership in the global packaging industry and strengthens the company's presence in India, which is a vital market to the continued success of the company's long-term growth strategy," said John A Luke, Jr, chairman and chief executive officer, MWV.

"The Nathani family and the Ruby Macons leadership team have built a very successful business and established a best-in-class operation that boasts advantaged operational and technical leadership, strong brand awareness and reputation among converters and brand owners, a highly efficient capital model, and an advantaged geographic location within India in Vapi, Gujarat. The addition of Ruby Macons boosts our ability to grow profitably in India by bringing their leading local position and capabilities in packaging materials together with our global expertise and innovation capabilities."

Founded and managed by technocrat entrepreneur Alibhai Nathani since 1986, Ruby Macons' revenues were approximately $80 million over the last 12 months with double digit operating margins and strong return on capital.

Mr Nathani, chairman of Ruby Macons said, "After extensive conversations with MWV, through which we came to understand their global leadership, outstanding technical capabilities, and strong long-term commitment, we chose them as the right partner to take Ruby Macons to the next level. Our single-most focus while making this decision was to ensure that the business we've built with passion over the last two decades will be in the right hands to ensure long term sustainability for all our stakeholders. Our family will continue to be involved in the business, and are excited about partnering with MWV."